This is the story of a group of Corporate Governance Institutes in Latin America that realized that there is strength, and leverage, in numbers.
... Exibir mais + By forming a network, these institutes benefited from otherwise inaccessible information and know-how, improved their performance, and enhanced their reputations in their own countries. In a short time, the Latin American Network of Corporate Governance Institutes (IGCLA, its Spanish acronym) has empowered its members with a network of connections and tools. The IGCLA is composed of 11 institutes from Argentina, Bolivia, Brazil, Colombia, Costa Rica, Chile, Ecuador, El Salvador, México, Panama, and Peru. The publication outlines key steps that the IGCLA has taken to achieve success.
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It typically takes several years and over a million dollars to establish a functional corporate governance institute. Incorporation, staffing, policy research, training programs, marketing, and public relations take time and money.
... Exibir mais + In 2009, a handful of dedicated volunteers turned this proposition on its head. With the aid of a few well-placed connections, they sparked a movement that led to creation of the Baltic Institute of Corporate Governance (BICG) and relying almost exclusively on pro bono assistance-produced world-class deliverables. The BICG story offers valuable lessons on how to develop effective partnerships and use networks to build organizational capacity.
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Companies with strong governance practices achieve higher market valuations. However, once good practices have been adopted, how can a board know whether its company remains on track?
... Exibir mais + Where its strengths are? Its weaknesses? Are other companies doing better or worse? For many companies (as well as investors and regulators), scorecards are proving to be invaluable in providing a yardstick for measuring the level of fulfillment in implementing and monitoring corporate governance. This brief focuses on the lessons learned in developing and using scorecards effectively. Corporate governance scorecards emerged in Germany in the late 1990s as government owned companies were privatized, blue-chip companies experienced serious failures, and young companies needed equity capital. In 2000, the scorecard came out as one solution for investors and analysts who sought a tool to assess the quality of a company's governance, which would guide them in making investment decisions. Since then, the tool has been adopted in many emerging market and developing countries (including Bulgaria, Bosnia and Herzegovina, Croatia, Indonesia, Macedonia, Montenegro, the Philippines, Serbia and Vietnam), often with the support of International Finance Corporation (IFC) corporate governance advisory services and Global corporate governance forum.
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Companies with strong governance practices achieve higher market valuations. However, once good practices have been adopted, how can a board know whether its company remains on track?
... Exibir mais + Where its strengths are? Its weaknesses? Are other companies doing better or worse? For many companies (as well as investors and regulators), scorecards are proving to be invaluable in providing a yardstick for measuring the level of fulfillment in implementing and monitoring corporate governance. This brief focuses on the lessons learned in developing and using scorecards effectively. Corporate governance scorecards emerged in Germany in the late 1990s as government owned companies were privatized, blue-chip companies experienced serious failures, and young companies needed equity capital. In 2000, the scorecard came out as one solution for investors and analysts who sought a tool to assess the quality of a company's governance, which would guide them in making investment decisions. Since then, the tool has been adopted in many emerging market and developing countries (including Bulgaria, Bosnia and Herzegovina, Croatia, Indonesia, Macedonia, Montenegro, the Philippines, Serbia and Vietnam), often with the support of International Finance Corporation (IFC) corporate governance advisory services and Global corporate governance forum.
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Journalists routinely report on the issues that constitute corporate governance, such as conflicts of interest and fraudulent accounting. Yet, the term corporate governance is seldom used, barely recognized, and low if not nonexistent on the list of newsworthy subjects that reporters tend to pitch to their editors.
... Exibir mais + To properly cover the workings of a modern enterprise, journalists need to understand how it is governed and how various issues under the corporate governance umbrella fit together and affect the companys performance. This Lessons Learned aims to help business journalists track down corporate governance stories, ask the right questions to uncover critical information, and explain complex subjects to the public. October 2010.
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This report intends to assist institutes of directors and others in comprehending and applying the core success factors and in overcoming the challenges related to corporate governance.
... Exibir mais + To remedy the challenge, the Forum developed Corporate Governance Board Leadership Training Resources for institutes of directors and others that train board directors. Since its launch, more than 300 trainers from 55 countries have completed the Forum's train the trainer program. For companies to be well-governed, their boards must fully understand and put into practice corporate governance principles. Too often, directors have the business acumen but lack a deep comprehension of corporate governance or the leadership skills required to reform policies, practices, and behaviors that can undermine a company's performance. Although good instructional material and curricula have been in place in many countries, some training centers, particularly in developing and transition economies, either lacked the resources to develop their own curricula or had weaknesses in their programs. Board directors are increasingly important as a result of the financial crisis, demands for greater accountability from shareholders, and the highly competitive global economy. The forum's training initiative is effective in helping directors understand corporate governance best practices so they can work within their boards to ensure that their companies are well-governed.
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The Forum's successes are generating ever-increasing demands to help developing countries and emerging markets deepen their corporate governance capacity.
... Exibir mais + To meet these needs, an independent evaluation report supports the Forum's plans to strengthen its global 'knowledge management platform,' building on the 'lessons learned' from the Forum's targeted, practical initiatives. The evaluation says the Forum has developed a strong and varied portfolio of activities, knowledge products, partnerships, and project opportunities to expand its impact and leadership going forward. This evaluation has also helped to guide the Forum's evolution to phase three, which aims to enhance the Forum's global 'knowledge management platform' for strengthening corporate governance capacity and enhancing excellence in emerging market countries and developing countries. The report also found that the Forum draws on a 'global/local view, state-of-the-art expertise, an extensive professional network, dedicated Private Sector Advisory Group (PSAG) advisors and staff, and high-quality toolkits' to accomplish its strategic objectives.
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Countries worldwide were hit, some harder than others, by the combination of risky lending and highly leveraged investment strategies by Western financial institutions that quickly engulfed the globe in an economic and financial crisis between 2007 and 2009.
... Exibir mais + Political and economic risk had subsided by then, which the credit rating agencies recognized by raising their ratings, triggering a rise in foreign direct investment (FDI) inflows. All that changed as the financial crisis rapidly took hold worldwide in 2007. By the end of 2008, real gross domestic product (GDP) growth in emerging countries in Europe, for example, slowed to 4.2 percent; in 2009, it fell 6.6 percent. The International Monetary Fund has forecast a weak recovery for 2010, with GDP rising 1.7 percent. This trend reflects the region's increasingly developed trade and financial links with the highly developed economies. Now, the focus shifts to promoting a sustainable recovery, with banks and investment firms playing a central role.
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The paper discusses how the Brazilian Institute of Corporate Governance (IBGC) set up its own governance structure, gained credibility in the business community, and achieved long term sustainability.The IBGC is generally regarded as a success story, having earned credit for setting high standards and positively influencing the market.
... Exibir mais + Over the years, its progress as a credible, not-for-profit institution required that it carefully developed its own governance standards. By understanding how the IBGC managed its challenges and realized many of its opportunities, other institutes and nongovernmental organizations can find their own paths to success The IBGC's purpose is to be the most important national corporate governance reference, by developing and promoting the best concepts and practices in Brazil, and contributing to improvements in corporate governance, leading to more equitable, responsible, and transparent businesses.
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The paper discusses how the Brazilian Institute of Corporate Governance (IBGC) set up its own governance structure, gained credibility in the business community, and achieved long term sustainability.The IBGC is generally regarded as a success story, having earned credit for setting high standards and positively influencing the market.
... Exibir mais + Over the years, its progress as a credible, not-for-profit institution required that it carefully developed its own governance standards. By understanding how the IBGC managed its challenges and realized many of its opportunities, other institutes and nongovernmental organizations can find their own paths to success The IBGC's purpose is to be the most important national corporate governance reference, by developing and promoting the best concepts and practices in Brazil, and contributing to improvements in corporate governance, leading to more equitable, responsible, and transparent businesses.
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The Thomson Reuters Foundation and the Global Corporate Governance Forum jointly developed and now run a unique program to help journalists strengthen their reporting about issues related to corporate governance.
... Exibir mais + This media training program is based on the view that 'better companies make better societies.' Through their participation in the program, journalists improve their reporting and investigative skills. This helps them to enhance their unique role in disseminating information on corporate governance to the business community, investors, and the public. By helping the public to stay abreast of companies' activities, journalists can have a significant impact on society.
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Through partnerships that the Global Corporate Governance Forum has been forging in India, local institutions are leveraging their resources to build capacity, broaden awareness, and achieve progress in gaining broad acceptance by businesses for corporate governance best practices.
... Exibir mais + Enhancing the corporate governance of businesses is an essential part of the foundation to support sustainable development. Numerous studies show that well-run companies perform better, which in turn leads to expansion, more capital investments, and jobs growth. With help from the National Institute of Securities Markets (NISM), which was set up by the Securities and Exchange Board of India (SEBI) for the advancement of training and research to support securities market development, and the Confederation of Indian Industry (CII), a not-for-profit industry managed organization, the Forum launched director capacity-building programs, business investor dialogues, and training workshops for journalists. These partnerships and activities offer insights to steer the success of developing countries and emerging markets as they initiate their own programs to strengthen support for corporate governance, access expertise to inform the approach and efforts, and open doors to potential collaborations with business and government leaders.
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The article demonstrates how the Forum helps Bangladesh Enterprise Institute (BEI) to leverage global expertise and advocate its programs among different private sector shareholders and regulators.
... Exibir mais + As Bangladesh makes progress in reducing poverty, achieving economic stability, and advancing the quality of its peoples' lives, corporate governance is gaining recognition as a key force in driving sustainable growth. How the country's corporate governance supporters are negotiating the many economic, political, and cultural hurdles and achieving success, their experiences, including Lopa Rahman's own story of personal development, offer other developing countries many practical lessons.
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To advance corporate governance in emerging market and developing countries, the global corporate governance forum mobilizes its unique and extensive network of business leaders, the Private Sector Advisory Group (PSAG).
... Exibir mais + PSAG members donate their time to provide counsel to countries developing corporate governance codes or to help boards implement reforms to become more effective in defining, implementing, and monitoring a company's goals and ensuring accountability to stakeholders. The volunteers' roles vary widely, from providing expertise, to conducting a peer review, to monitoring and evaluating performance. The value of PSAG members' pro bono work exceeds an estimated one-million US dollars for fiscal 2009. PSAG members' experience in senior executive positions in the private and public sectors grounds their practical advice while their professional successes inspire others to follow their lead. By sharing what they've learned, they help those wanting to embrace corporate governance find ways to overcome obstacles and achieve progress.
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To increase the number of experts who can help countries develop and improve their corporate governance codes, the forum organized a knowledge management workshop on "supporting the development of corporate governance codes of best practice."
... Exibir mais + This is the first of a series of such workshops the forum will be organizing based on its toolkits and experience gained in the field worldwide. These workshops are targeted at International Finance Corporation (IFC) officers from around the world and the forum's partners in capacity building efforts for the developing and transition countries.
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The paper discusses how the Brazilian Institute of Corporate Governance (IBGC) set up its own governance structure, gained credibility in the business community, and achieved long term sustainability.The IBGC is generally regarded as a success story, having earned credit for setting high standards and positively influencing the market.
... Exibir mais + Over the years, its progress as a credible, not-for-profit institution required that it carefully developed its own governance standards. By understanding how the IBGC managed its challenges and realized many of its opportunities, other institutes and nongovernmental organizations can find their own paths to success The IBGC's purpose is to be the most important national corporate governance reference, by developing and promoting the best concepts and practices in Brazil, and contributing to improvements in corporate governance, leading to more equitable, responsible, and transparent businesses.
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As capital markets in South East Europe (SEE) grow rapidly so does a higher risk of fraud. A workshop provided steps to achieve efficient surveillance and investigatory powers and techniques to press market manipulation cases and identify enforcement challenges.
... Exibir mais + Ensuring that capital markets are well surveilled and effectively regulated is key for countries seeking to attract investors to finance private sector development. To address this challenge, the Global Corporate Governance Forum with the Toronto Centre, International Finance Corporation (IFC's) private enterprise partnership for SEE, and the World Bank's Sofia office jointly organized the first regional workshop for strengthening the capacity of regulators to enforce regulations and prevent fraud. The Bulgarian Financial Supervision Commission, with the Financial Technology Transfer Agency (ATTF) and the International Organization of Securities Commissions (IOSCO) as cosponsors, hosted the event in Sofia on June 23 - 27, 2008. Thirty-two experts participated, representing supervisory and stock exchange authorities from eight countries. The diversity of representatives enriched discussions that identified common regional problems, developed solutions, and shared best practices. During the five-day, highly interactive workshop, participants discussed how to identify acceptable outcomes, define market manipulation under current law, deal with innocent parties involved in a complex and possibly illegal trading scheme, find expert witnesses, uncover credible evidence, and secure international cooperation.
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Interest in corporate governance was building throughout the Middle East and North Africa (MENA) as the region's countries and territories underwent rapid transition amid strong economic growth, financial sector reform, and rising demands for private sector development.
... Exibir mais + The Global Corporate Governance Forum saw a tremendous opportunity in 2006 to be a catalyst in fostering national codes of corporate governance in MENA. These codes are essential tools for enhancing corporate governance practices at the national and corporate levels, seeking to reconcile international standards and local practices in a way that improves investment prospects. The World Bank corporate governance country assessments (CG ROSC) recommend the development of such codes. To help developing countries and transition economies with this task, the Forum produced a toolkit on crafting, developing, and implementing corporate governance codes. The Forum's strategy stressed approaches that would foster ownership of the code development process within each country. Advisory services were targeted at those countries that sought assistance.
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It has been almost a decade since the global corporate governance forum expanded the operating platform for businesses in developing countries beyond the traditional confines of adherence to laws and regulations.
... Exibir mais + In transforming the caliber of corporate governance, the forum envisioned that it would be promoting "an engine of growth, reducing the vulnerability of developing and transitioning economies to financial crises, and providing incentives for corporations to invest and perform efficiently in a socially responsible manner." To assist developing countries in attaining this goal, the forum devised leadership programs for corporate governance trainers. Based on global best practices, these programs sought to enhance board directors' competencies and skill levels. These train-the-trainer sessions were based on the belief that "expert training strengthens effectiveness in building board directors' professionalism." During these sessions, trainers conveyed standards and principles; defined board functions and shared implementation methods; initiated the sponsorship and application of case studies; distributed texts, manuals, and other applicable materials; and, spawned the development and leveraging of strategic partnerships and alliances.
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